Benefit programs are as important to your employees as they are to your business. The right combination of benefit packages can attract skilled talent, reduce turnover and improve morale throughout your company. However, benefit programs require close attention. Capturing and reviewing the data needed for time-off, retirement plans and life insurance programs can be tricky and getting it wrong can have expensive consequences. Make this the year to streamline benefit management efforts with the support of technology.
Is Boosting Productivity a Top Priority?
Every business develops strategic priorities for different parts of the organization. You may want to boost sales, reduce waste or improve productivity. Saving time saves money. It’s easy to go for the more obvious places to save time and money, like the shop floor or the warehouse. The office is often overlooked; however, the payroll department might be one of the last departments on your list to examine.
Running payroll and managing benefits is just as fluid as manufacturing products or moving inventory. Capturing the right data and maintaining compliance with various rules and regulations can be challenging when done manually or with elaborate spreadsheets. Manual processes are inefficient, put data integrity at risk and waste valuable time for employees in any department. Just as you provide proper tools to other areas of your business, your payroll team can also benefit from certain tools. Here are three payroll tools for Microsoft Dynamics GP you can deploy today to strengthen and streamline benefit management:
- Leave management: Get greater control over leave management in less time. Comprehensive Leave Manager is seamlessly integrated with Dynamics GP Payroll, which automatically processes leave without any extra steps required by your payroll team. Simply configure your plan, accrual schedules and other rules, then let the system do the rest.
- Retirement plans: The IRS has strict rules regarding contributions to retirement plans and your corporation may have additional rules. Enhanced Retirement Plans automatically calculates company match against employee deduction percentages, gross wages or fixed amounts, even across multiple retirement plans. When age criteria are met, eligible employees can make additional contributions without the need to create special codes or change deduction information.
- Life insurance plans: Just as complicated and time-consuming to manage is the tax on an imputed income of an employer’s Group Term Life Insurance benefit. The IRS tables are published annually and are based on employee ages. Let the Imputed Income Tax Calculator take the burden off your payroll team and automatically make the appropriate calculations based on age and salary, as well as by pay code, commissions or other compensation types.
Give Payroll the Tools They Need to Succeed
Benefit programs are an important part of your business and can be complicated to manage. Gain greater control and insight over these programs by deploying the right technology. Contact Integrity Data for additional information and guidance with choosing the payroll solutions that will streamline benefit management in Microsoft Dynamics GP.